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Several lawmakers have taken the initiative this year to advance crypto and Web3 policy. Fumio Kishida, Prime Minister of Japan, identified Web3 as a foundation of economic transformation at the beginning of the year. Japan officially recognised and legalised stablecoins as a form of legal tender on June 3, 2022. About three million people in Japan held crypto assets on crypto exchanges in 2021. People in their forties made up the bulk of account holders, with those in their thirties coming in a close second.